EU programme in Cyprus expected to create over 1,600 jobs — Cyprus Mail

In Cyprus, an EU-funded entrepreneurship support programme is expected to contribute to the creation of around 800 new companies and more than 1,600 jobs. These figures were announced by Themis Christophidou, Director-General of the European Commission’s Directorate-General for Regional and Urban Policy, during the Cyprus Forum 2026 in Nicosia, Cyprus Mail reports.

€50 million programme

Official data from the THALIA 2021–2027 programme clarify that the projection of 800 businesses and more than 1,600 jobs applies to the entire New Entrepreneurship Activity Scheme, with a budget of €50 million, rather than only the first €30 million tranche.

The programme was divided into two calls: the first, with €30 million in funding, was launched in 2021, while the second, worth €20 million, was launched in 2024. According to the programme’s assessment, their combined funding is expected to ensure the creation of new businesses and jobs.

Cyprus also directs funds under the EU cohesion policy towards business development, research, transport and urban projects.

More current news is available on the UA.News Telegram channel Telegram.

Support for households and technology

At the same time, the Cypriot government is preparing additional measures in response to the rising cost of living. The Finance Ministry said it assesses geopolitical developments and their impact on households every day, while support measures for vulnerable groups remain in force.

These include a zero VAT rate on fresh vegetables and fruit, meat, poultry, fish, infant milk, diapers for children and adults, and women’s hygiene products. A reduced 5% VAT rate on electricity is applied to around 33,000 low-income households and single-parent families.

The Cyprus IT Enterprises Association, CITEA, and Invest Cyprus also signed a memorandum of cooperation to strengthen ties between international investors and Cyprus-based technology companies. The agreement provides for joint initiatives in artificial intelligence, investment and international promotion.

According to a presentation at the University of Cyprus, the local deep-tech ecosystem comprises more than 150 startups, which have received nearly €1 billion in competitive funding for research and innovation over the past decade.